From corrupt politicians caught blindsided by damning recordings on social media to a taxi industry up-ended by Uber, to a media industry undermined by Netflix, mobile-enabled technology is delivering unprecedented levels of transparency, efficiency and upheaval to Latin American society and industry. Latin American e-commerce is growing at close to 20 percent per year; sales of virtual products, that suffer no logistics hurdles, are growing at over 100 percent per year. And more growth potential is there. Read the full article at Latin Trade.
Venezuela cuts oil supply to Citgo
Venezuela’s state-run PDVSA has reduced crude sales to its U.S. refining unit Citgo Petroleum while increasing supply to Russia’s Rosneft, following a plan signed in May to catch up on overdue deliveries, according to PDVSA documents, sources from the company and its joint ventures. PDVSA agreed in the catch-up plan to compensate Rosneft for the delayed cargoes, since the oil is being sent in lieu of payment for loans. Rosneft has loaned between $4 billion and $5 billion to Venezuela in recent years, mostly to be repaid with oil. Reuters reports.
Fitch sees improved Mexico ratings outlook
Ratings agency Fitch on Thursday revised its outlook for Mexico’s credit to stable from negative, the second such upward revision for the country in the last month by credit ratings agencies as the worst fears about the country’s economy subside. “Fitch believes the risk of a …